Keynes

If anyone told me to buy Japanese 10-year bonds at the start of the year, I would have called them crazy.

Yet here we are approaching year-end and Japanese 10-year yields have fallen to a fresh low at 0.34% — the lowest since April 2013. That’s down from 0.73% at the start of the year. In tradable terms, that translates into a nearly 4% total return — not bad! Unfortunately, the currency would have killed you but if you were stuck in yen, you can’t complain.

Japanese 10 year bond

Japanese 10 year bond price